The current degradation of sovereign balance sheets raises very real concerns about how sovereign creditworthiness is measured by credit rating agencies. Given
The financial difficulties experienced by Greece since 2009 serve as a reminder that countries (i.e., sovereigns) may default on their debt. Many observers cons
Credit rating agencies play a critical role in capital markets, guiding the asset allocation of institutional investors as private capital moves freely around t
This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign
Ratings, Rating Agencies and the Global Financial System brings together the research of economists at New York University and the University of Maryland, along